High street music retailer HMV will be given a lifeline after a rescue deal which could save 2,500 jobs and up to 136 stores.
The deal, struck with restructuring specialist Hilco, will ensure that the famous brand remains on the nation’s high street following the announcement that it would go into administration in January.
Dan Wagner, CEO and Chairman of mPowa and Powa Technologies, which is responsible for implementing online and mobile retail platforms for some of the leading high street names, said, “The way consumers engage with retailers is undergoing seismic shift driven by innovations in technology. Only those retailers that embrace and move with these changes will survive and grow in a rapidly changing marketplace.
“This deal will present HMV with a valuable opportunity to address the problems that forced it into administration earlier this year and present a store that is revived, refreshed, and most importantly, profitable. There is still a great deal of value and heritage in the HMV brand so it is beneficial to the UK’s economy that a store with such legacy continues to trade.”
Dan concluded, “It is hugely important now that HMV widens its perspective and creates a shopping experience that ticks all the right boxes in terms of interactivity and personalised service. Consumers looking squarely at price will be tempted by the likes of Amazon and iTunes. The place where HMV has the advantage is through the added value it can give to shoppers through the marrying of its online business and its high street offering. Shopping no longer needs to take place in a linear format and so options should be considered to redesign store layouts, payment systems and in store facilities to create a more modern shopping experience.”
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